Oil Pares Gains, Iran War Jolts Global Central Banks

Oil erased early gains as traders sought to gauge the impact to supply after US attacks on Iran's main export hub, another escalation in the war that's all but cut off global customers from the region's energy supplies for more than two weeks. We spoke to Steven Schoenfeld, CEO at MarketVector Indexes. Plus - The world's top central banks convene this week facing a renewed inflation threat from the war in Iran and the possibility that they'll be forced to delay interest-rate cuts and in some cases consider hikes. Changes aren't imminent yet: The Federal Reserve, the European Central Bank and the Bank of England are all expected to keep borrowing costs steady as they assess how much surging energy costs will feed through to consumer prices and growth. But for them and the other 18 central banks that are about to set policy — overseeing about two-thirds of the global economy in total — the tone will turn more cautious as they acknowledge the risk of another inflation shock. We heard from Diana Mousina, Deputy Chief Economist at AMP. She spoke to Bloomberg's Haidi Stroud-Watts and Shery Ahn on the Asia Trade. See omnystudio.com/listener for privacy information.